Patrick Mahomes is set to become the first NFL player to have a contract worth more than $500m after agreeing a new deal with the Kansas City Chiefs.

The 30-year-old quarterback, who has guided the Chiefs to five Super Bowls, winning three, has agreed to a two-year extension, which will take his guaranteed earnings to $504.75m and tie him to the franchise until 2033.

His previous 10-year deal was reportedly worth $450m, with an additional $50m available in incentives.

According to reports,, external Mahomes’ contract will have an average annual value of $64m a year from 2027.

It eclipses the $60m (£46m) a year deal agreed in 2024 between the Dallas Cowboys and quarterback Dak Prescott, which made him the highest-paid player in NFL history.

“I’m just so excited to be here for life and to be a part of Chiefs kingdom for even longer,” said Mahomes.

“We have so much more to do. Let’s go out and do it. Let’s go win some more.”

Mahomes tore the anterior cruciate ligament (ACL) in his left knee in December last year as the Chiefs missed out on the NFL play-offs for the first time since the 2014 season.

He led the Chiefs to the Super Bowl titles in 2020, 2023, and 2024 and they were stopped from becoming the first team to win three in a row by the Philadelphia Eagles in 2025.

“Over the past decade Patrick has become one of the most iconic, beloved sports figures of all-time,” said Chiefs chief executive Clark Hunt.

“He has helped lead our franchise to five Super Bowl appearances and three championships, he has been instrumental in shaping the Chiefs brand and putting Kansas City on the world stage, and on top of it all he has been an outstanding role model in the community.

“Patrick is a generational talent and an elite human being, and I’m so excited he will continue to lead our team into the future.”